Heritage Oak Wealth Advisors LLC Purchases New Position in ArcBest Co. (NASDAQ:ARCB)

Heritage Oak Wealth Advisors LLC acquired a new position in shares of ArcBest Co. (NASDAQ:ARCB) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,349 shares of the transportation company’s stock, valued at approximately $1,448,000. Heritage Oak Wealth Advisors LLC owned about 0.06% of ArcBest as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd purchased a new stake in shares of ArcBest during the 1st quarter worth $666,000. Inspire Investing LLC boosted its holdings in ArcBest by 39.6% during the first quarter. Inspire Investing LLC now owns 15,002 shares of the transportation company’s stock worth $2,138,000 after buying an additional 4,258 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in ArcBest by 9.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,175 shares of the transportation company’s stock worth $23,537,000 after buying an additional 14,463 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of ArcBest by 54.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,660 shares of the transportation company’s stock worth $2,945,000 after acquiring an additional 7,291 shares during the period. Finally, Kennedy Capital Management LLC grew its holdings in ArcBest by 235.3% in the first quarter. Kennedy Capital Management LLC now owns 33,482 shares of the transportation company’s stock valued at $4,771,000 after purchasing an additional 23,497 shares during the last quarter. Hedge funds and other institutional investors own 99.27% of the company’s stock.

ArcBest Stock Up 2.8 %

Shares of NASDAQ:ARCB traded up $2.84 during mid-day trading on Friday, hitting $104.44. 39,503 shares of the company traded hands, compared to its average volume of 284,330. The firm has a market cap of $2.45 billion, a P/E ratio of 20.44, a PEG ratio of 1.28 and a beta of 1.46. ArcBest Co. has a 52-week low of $86.93 and a 52-week high of $153.60. The firm’s 50 day simple moving average is $105.20 and its 200 day simple moving average is $112.34. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.19 and a current ratio of 1.19.

ArcBest (NASDAQ:ARCB) last announced its earnings results on Friday, August 2nd. The transportation company reported $1.98 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.05). ArcBest had a net margin of 2.96% and a return on equity of 15.98%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the company posted $1.54 earnings per share. ArcBest’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts anticipate that ArcBest Co. will post 7.06 EPS for the current year.

ArcBest Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend was Tuesday, August 13th. ArcBest’s payout ratio is 9.66%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. The Goldman Sachs Group lowered their price target on shares of ArcBest from $133.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Stephens reissued an “overweight” rating and issued a $130.00 target price on shares of ArcBest in a research note on Wednesday, September 4th. StockNews.com raised shares of ArcBest from a “hold” rating to a “buy” rating in a research report on Thursday, October 3rd. TD Cowen lowered shares of ArcBest from a “buy” rating to a “hold” rating and decreased their target price for the stock from $131.00 to $114.00 in a research report on Monday, October 14th. Finally, Citigroup initiated coverage on ArcBest in a report on Wednesday, October 9th. They issued a “neutral” rating and a $111.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $126.92.

Insider Buying and Selling

In other ArcBest news, Director Salvatore A. Abbate acquired 1,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $103.93 per share, for a total transaction of $103,930.00. Following the acquisition, the director now directly owns 3,650 shares of the company’s stock, valued at $379,344.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.65% of the company’s stock.

ArcBest Company Profile

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.